(Reuters) - Online music video service Vevo has hired Goldman Sachs Group Inc to raise up to $500 million from new investors, the Financial Times reported, citing people briefed on the plans.
Vevo, founded in 2009 by Universal Music Group and Sony Music, expects to raise between $300 million to $500 million for its international expansion, potential acquisitions and the development of new mobile and television services, the FT reported on Friday. (http://on.ft.com/2bCJkuH)
Vevo did not immediately respond to request for comment. Goldman Sachs declined to comment.
- Celebrity deaths 2018: All the stars we lost too soon 44 Pictures
- SantaCon descends upon NYC (photos) 15 Pictures
Sony Music and UMG could not be reached immediately for comment.
Vevo, which is YouTube's top partner, is now working on a paid subscription service.
(Reporting by Rishika Sadam in Bengaluru; Editing by Sriraj Kalluvila)